But such a rebound was not in any case very desirable, as a renewed upswing led by the United States would only postpone the necessary correction of the existing financial imbalances with the concomitant risk of a disruptive outflow of foreign capital and a more severe cyclical downturn later on.3 Moreover, it became clear in 2002 that the responsiveness of business investment to reductions in interest rates is reduced, given the focus on debt consolidation and the need to work off excess capacities.
En cualquier caso, tal recuperación tampoco era totalmente deseable, pues una nueva expansión encabezada por los Estados Unidos no haría sino posponer la necesaria corrección de los desequilibrios financieros existentes, con el consiguiente riesgo de una salida de capital extranjero de consecuencias traumáticas y de un posterior empeoramiento cíclico más severo.